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Azerbaijan revokes licenses of three credit unions

Azerbaijan revokes licenses of three credit unions

25 December 2008 10:19 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. The National Bank of Azerbaijan (NBA) made a decision at a board meeting to revoke licenses of Gayghi (Ä°mishli), Turan (Shemkir) and Balakan (Balakan) Credit Unions.
The NBA said the licenses were revoked because the credit unions failed to submit reports within two reporting dates with no excuse and to conduct audit under the â€œRegulations on the Issuance of a Banking Service License to Credit Unionsâ€.
Elchin Baghirov, Chairman of Azerbaijan Credit Unions Association, said these unions will be removed from membership in January.
There are 75 credit unions in Azerbaijan.

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